Bursa Malaysia shares were broadly lower on Monday, save for banking stocks which continued to attract foreign fund purchases, as weak US jobs data sparked concerns over a sharp slowdown in the US economy. The FBM KLCI slid 1.63 points to close at 1,651.49, off an early low of 1,642.31 and high of 1,659.11, as losers swarmed gainers 738 to 333 on total turnover of 3.38bn shares worth RM3.85bn.
While the broader market continues to drift lower amid worries over the weaker economy in China and the US, sustained foreign fund buying interest in key banking stocks should cushion downside for the blue-chip index. Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Key resistance will be the recent high of 1,684, then 1,695, the Dec 2020 high, followed by the 123.6%FP (1,702) and 138.2%FP (1,741) of the 1,369 low to the 1,638 high.
Maybank need to climb above the 161.8%FP (RM11.07) to fuel upside momentum towards the 176.4%FP (RM11.37) and 200%FP (RM11.86) prior to profit-taking pause, while the rising 50-day ma (RM10.30) provides good uptrend support. RHB Bank will need breakout confirmation above the 29/8/24 high (RM6.28) to enhance upside potential towards RM6.40 and 123.6%FP (RM6.60) ahead, with retracement support from the 76.4%FR (RM5.96) capping downside.
Source: TA Research - 10 Sept 2024
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TENAGACreated by sectoranalyst | Sep 09, 2024
Created by sectoranalyst | Sep 09, 2024